This paper provides the first rigorous econometric estimates on the pay-performance relations for executives of Korean firms with and without Chaebol affiliation. To do so, we have assembled for the first time panel data (that provide information not only on executive compensation and firm...

The state-business relationship in the 1960s and 70s was a vertical one where the state led the private sector. The government made the plan, provided the necessary resources, and later evaluated the performance of the entrepreneurs who executed the plan. In the 1980s, however, the relationship...

This paper provides the first rigorous econometric estimates on the pay-performance relations for executives of Korean firms with and without Chaebol affiliation. To do so, we have assembled for the first time panel data (that provide information not only on executive compensation and firm...